Capital gains
This query is : Resolved
07 November 2011
hi
if an individual chartered accountant transfers goodwill is it liable to be taxed under capital gains??will it make any difference if it is self generated
if an individual chartered accountant transfers goodwill is it liable to be taxed under capital gains??will it make any difference if it is self generated
08 November 2011
Yes. Goodwill is taxable. Cost of acquisition shall be NIL in case of self generated. In other words, Sale consideration is the CG.
09 November 2011
Cost of Acquisition of self generated goodwill of a profession cannot be ascertained, so there is no capital gain on transfer of self generated goodwill of a profession.
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